Claude Shiloh
Bentonville, AR
PPAF is investing $5,650,000 as JV Partner in a mixed-use development project located in Bentonville, AR. Claude Shiloh is located on 6.3 acres and will include two residential buildings totaling 208 apartments, as well as two additional retail buildings 100% pre-leased to Aspen Dental and Sleep Number. The total project costs are $40,000,000, and Midland States Bank is the lender for this development.
The Oscar
Sheboygan, WI
PPAF has made a preferred equity investment in a metro Milwaukee multifamily real estate project in the town of Sheboygan. The Oscar consists of 240 residential units, as well as a newly constructed Kwik Trip. Our operating partner is Green Street St. Louis, who specializes in sustainable development, with over 30 years of commercial real estate experience. This is our second investment in a Green Street project, and we have established a programmatic JV with this partner for similar investments that meet our investment criteria. The $42.0 million development is located in an infill neighborhood in Sheboygan, a short distance from some of the largest area employers (Kholer Co., Sargento Foods Inc., Acuity Inc., and Johnsonville LLC.)
Wireworks
St. Louis, MO
PPAF acquired an interest in a 107,329 SF mixed-use historical building which consists of 80 residential units and 11,000 SF of commercial space in the supply constrained and high barrier-to-entry Lafayette Square submarket of St. Louis. Our operating partner is The Broadmoor Group, who has developed, acquired, and operated over 17,000 units across the Midwest and Southeast since inception. Our JV entity is acquiring Wireworks at a significant discount to market comparables, and upon closing will immediately begin the renovation process. Wireworks is located just minutes away from downtown Saint Louis’s central business district and major universities.
Chroma
St Louis, MO
Chroma Saint Louis is a 235-unit, luxury multifamily property located in the historic Grove area of Saint Louis, MO. PPAF has invested in Phase II which consists of 111-units and construction is currently underway to develop this property into one of the largest luxury properties in the city. The building is located close to major employment and cultural centers such as BJC Healthcare, Forest Park and Washington University. We partnered with Greenstreet St. Louis, one of the regions leading development groups via preferred equity into the project for Phase II.
Del Monte
St. Louis, MO
Del Monte is a 60,000 sq.ft. historic mixed-use building located near Forest Park and the Central West End in St. Louis, MO. The building is located close to Washington University and major employment centers such as BJC Healthcare, Boeing, etc. Our operating partner is Oliver Properties; as of September 30, 2020, our preferred equity investment was returned and our ending gross IRR was 15% over a 12.86 month investment period. Our investment enabled a complete internal remodel of the apartment building; prior to remodel Del Monte apartments were 85% leased, and now the property is 100% leased and occupied.